Elad Canada, the real estate unit of New York-based peer El Ad U.S. Holding, Inc, has signed a deal to purchase property developer Agellan Commercial REIT's full U.S. portfolio for about $680 million.

With the acquisition, Elad Canada expects to solidify its operations in the income-producing properties segment and generate significant additional cash flow.

Agellan’s assets are classified as light industrial properties, about 87 percent, include flex and showroom spaces, the remainder of the portfolio are office buildings.

The deal is expected to be completed in February 2019.